{"product_id":"delusions-of-competence-the-neardeath-of-lloyds-of-london-19702002-9783030940874","title":"Delusions of Competence: The Near-Death of Lloyd's of London 1970--2002","description":"\u003cp\u003e\u003c\/p\u003e\u003cblockquote\u003eThis book explores the Lloyd's of London insurance market crisis of the late 20th century, focusing on the public and political response. It argues that multiple delusions of competence, arrogance, elitism, and defense of vested interests contributed to the crisis and that reforms failed to address the underlying causes. It offers a lesson about the importance of transparency, accountability, and effective monitoring of financial institutions. \u003c\/blockquote\u003e\u003cp\u003e\u003cstrong\u003eFormat\u003c\/strong\u003e: Hardback\u003cbr\u003e\u003cstrong\u003eLength\u003c\/strong\u003e: 136 pages\u003cbr\u003e\u003cstrong\u003ePublication date\u003c\/strong\u003e: 10 February 2022\u003cbr\u003e\u003cstrong\u003ePublisher\u003c\/strong\u003e: Springer Nature Switzerland AG\u003cbr\u003e\u003c\/p\u003e \u003cp\u003e\u003cbr\u003eThis book delves into the crisis that engulfed Lloyd's of London, a venerable insurance market that nearly collapsed in the late twentieth century. While rapid structural change resulting from system failure is less prevalent in insurance compared to other financial services, the Lloyds crisis stands as a notable exception. Previous explanations of the crisis have primarily focused on the consequences of catastrophic losses and inadequate governance. By drawing on contemporary accounts of the crisis, the author undertakes the first comprehensive scholarly analysis of the public and political response. The book employs theoretical concepts from behavioral economics and economic psychology to argue that multiple delusions of competence were at play within and outside the Lloyds market. Arrogance, elitism, and the defense of vested interests formed endogenous elements of the crisis. Entrenched ideas about self-regulation and faith in insider experts also played a role, leading to a misdiagnosis of the underlying issues by both insiders and politicians. Consequently, a series of reforms were implemented, yet they failed to address the root causes of Lloyds' disease. This book serves as a cautionary tale from recent history, emphasizing the significance of transparency, accountability, and effective monitoring of financial institutions. It holds interest for academics and students studying economic and financial history, business, insurance, political economy, and history in general.\u003c\/p\u003e\u003cp\u003e\u003cstrong\u003eWeight\u003c\/strong\u003e: 333g\u003cbr\u003e\u003cstrong\u003eDimension\u003c\/strong\u003e: 210 x 148 (mm)\u003cbr\u003e\u003cstrong\u003eISBN-13\u003c\/strong\u003e: 9783030940874\u003cbr\u003e \u003cstrong\u003eEdition number\u003c\/strong\u003e: 1st ed. 2022\u003c\/p\u003e","brand":"Robin Pearson","offers":[{"title":"Hardback","offer_id":44102909460730,"sku":"9783030940874","price":38.42,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0522\/4297\/2845\/products\/noImage_1_63458f14-8ad3-435b-9e7d-9d26b9efc1db.jpg?v=1669448285","url":"https:\/\/shulphink.com\/products\/delusions-of-competence-the-neardeath-of-lloyds-of-london-19702002-9783030940874","provider":"Shulph Ink","version":"1.0","type":"link"}